The waiting periods for
loans has changed. Home owners only have to wait 2 years after a Foreclosure or
1 year after a Short Sale to be eligible for a purchase money loan to buy real
estate.
This is a great time to take advantage before the interest rates go up. Let your friends who went through a foreclosure or short sale know that the waiting period they originally were told of 3 years or even 7 years to buy again have totally been changed.
This is a great time to take advantage before the interest rates go up. Let your friends who went through a foreclosure or short sale know that the waiting period they originally were told of 3 years or even 7 years to buy again have totally been changed.
Here
are some other features:
1. Prior
Housing and Credit Events? Less waiting time. 620 FICO required
2. High
Debt to Income Ratio? They can go up to 50%, but be careful not to get house
poor. ;)
3. Lack
of Mortgage or Rental History? No problem. This is great for those
families that have had to move around allot.
4. Gift
Funds? 100% available. This is great way for families or interested parties to
contribute towards the purchase of a home. You
can borrow up to $1 million and there is no prepayment penalty.
Looking for a new home? If you or a friend or relative is looking for a new home before winter arrives, have them contact me. I can help you sell your current home and find the perfect new home to spend your fall, winter, and beyond. Sign up to receive listings by email.
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